SOL, MATIC, ADA gain over 20% on Bitcoin as SEC targeted tokens see mixed performance
U.S. Securities and Exchange Commission (SEC) lawsuit against major cryptocurrency exchanges Binance and Coinbase following Ripple’s landmark ruling that the sale of some XRP did not amount to the sale of securities The tokens involved have experienced significant price volatility.
Some of these tokens managed to recover, while others showed more sluggish performance denominated in Bitcoin (BTC).
| ticker | price | 1W change | YTD performance | trading volume |
|---|---|---|---|---|
| SOLBTC | 0.0009142 | 29.33% | 51.63% | 79.052K |
| ADABTC | 0.00001143 | 21.21% | -23.08% | 46.064K |
| MATIC BTC | 0.00002746 | 20.33% | -40.12% | 33.96K |
| COTIBTC | 0.00000183 | 12.96% | -43.34% | 604 |
| SANDBTC | 0.00001519 | 11.12% | -34.38% | 5.481K |
| MANABTC | 0.00001394 | 10.63% | -22.38% | 3.789K |
| AXSBTC | 0.0002112 | 10.06% | -41.98% | 4.474K |
| Near BTC | 0.00004788 | 8.84% | -36.94% | 3.537K |
| CHZBTC | 0.00000268 | 7.20% | -55.78% | 1.532K |
| ICP BTC | 0.0001417 | 6.14% | -40.41% | 1.032K |
| ALGOBTC | 0.00000384 | 4.63% | -63.22% | 5.142K |
| Dash BTC | 0.001144 | 3.44% | -54.87% | 2.339K |
| ATOMBTC | 0.0003225 | 3.17% | -42.99% | 5.399K |
| FILBTC | 0.0001481 | 3.13% | -18.67% | 7.026K |
| FLOW BTC | 0.00002046 | 1.19% | -48.07% | 2.323K |
| NEXOBTC | 0.00002057 | 0.93% | -48.26% | 159 |
Many tokens fell more than 20% in June following the SEC lawsuits against Coinbase and Binance. However, at the time of writing, Solana (SOL) is up 29.33% against BTC despite a year-to-date performance of 51.63%, showing a solid weekly performance. This figure puts SOL above many other tokens after the lawsuit.
Cardano (ADA) has also demonstrated resilience. After year-to-date performance of -23.08%, the token posted a staggering 21.21% gain last week. Similarly, Polygon (MATIC) posted a strong weekly performance with a 20.33% gain after a year-to-date performance of -40.12%.
In contrast, other tokens have struggled. FLOW, for example, has recovered only 1.19% of his, reflecting a year-to-date performance of -48.07%. Nexo Token (NEXO) also saw little change, gaining just 0.93% over the week and performing year-to-date -48.26%.
Additionally, according to data compiled from TradingView, NEXO, along with COTI, have been in a situation of shallow BTC trading volume over the last 24 hours.
Bitcoin itself rose just 3.3% against the dollar over the week.
As previously reported, game-related tokens such as CHZ, SAND, MANA, FLOW, and AXS were hit hardest in June, experiencing double-digit drawdowns, but signs of recovery as of this writing. is shown only for MANA and SAND. However, tokens such as SOL, ADA and MATIC have shown admirable recoveries, with Bitcoin he has risen more than 20%.
However, the long-term impact of these lawsuits remains uncertain, as is the impact of potential regulatory actions on various tokens and exchanges.
Ultimately, the outcome of the SEC lawsuits against Binance and Coinbase will be the next battleground for regulatory clarity around digital asset sales.
